New York Life Real Estate Investors, on behalf of New York Life Insurance Co., has announced the financing of 520 S. El Camino Real, a151,000-square-foot office building located in San Mateo, Calif.
The 20-year bridge-to-permanent mortgage loan will finance a complete renovation of the office tower and provide two separate earnout options for Westlake Realty Group. The first earnout can be earned by achieving certain leasing hurdles during stabilization, and the second can be used to finance the future renovation of the property’s annex building, again earned by hitting preset leasing hurdles.
“We are pleased to work with Westlake Realty Group to finance the renovation of this iconic asset in downtown San Mateo. This property’s prominence and excellent location will make it one of the top office properties in the area,” said Adam Baird, director in New York Life Real Estate Investors’ Western Regional Office.
Westlake Realty Group is a full-service, fa
